By Sean Rees
Recommendations for this Week
The holiday-shortened week may not see as much potential volatility as the prior weeks, but certainly expect some activity if any reports or actions deviate too strongly from analyst expectations. The Housing Market index report, 10-Year Note settlement and 30 – Year Bond settlements all take place the day after President’s Day, making Tuesday the most potentially impactful toward the bond market and mortgage interest rates. These particular reports and actions may well set the tone for the rest of the week.
I recommend locking your rate for any loans set to close in the next 14 days. I still haven’t seen a significant enough drop in rates, and am somewhat skeptical an information presented this week will be far enough to the negative to sway investors further into bonds, thereby lowering mortgage interest rates. There is still more potential for weaker than expected economic signs as we pass through to the end of February, such that I would float for any closings set more than 14 days out.
Any potential drop in rates by the end of the month I am anticipating may be …read more
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